This is an exciting time for anyone who follows this industry. It is officially IPO week for Lending Club and it looks like Thursday is going to be the big day.
For retail investors participating in the IPO through the Directed Share Program you should have received an email from Fidelity today. This letter was basically a duplicate of one that was sent out last week, the big difference being that the price range has increased from $10 – $12 a share up to $12 – $14 a share. This morning Lending Club filed the fourth version of their S-1 that reflected this change.
It looks like participants in Fidelity’s Directed Share Program will have a six hour window from 6pm until Midnight Eastern Time on Wednesday evening to confirm their expression of interest. From what I have heard these small windows are pretty typical with IPOs – I have heard some Loyal3 IPOs use a window of just one hour.
I reached out to a number of industry leaders today to get their thoughts on this historic event. Given that Lending Club is the first company to go public in our industry we will never again have an IPO like this one. So I wanted to get a range of perspectives on the record.